[Given a known demand schedule for a mineral at each instant of time and many deposits with different known extraction costs per ton (different qualities) and different known sizes, how should exploitation be organized? How does an exogenous change in the size of deposit i or in the extraction costs per unit in deposit i affect the program of exploitation? These questions are investigated for the case of extraction costs constant per ton for deposit i. The comparative static analysis parallels that for a problem with many income classes in location theory.]

Accounting History, Double-entry Bookkeeping, Negative numbers

Morton I. Kamien, Nancy L. Schwartz; Optimal Exhaustible Resource Depletion with Endogenous Technical Change, The Review of Economic Studies, Volume 45, Is

Morton I. Kamien, Nancy L. Schwartz; Potential Rivalry, Monopoly Profits and the Pace of Inventive Activity, The Review of Economic Studies, Volume 45, Issue 3,

JN a recent article Hall (1972) examined the relationship between wage and unemployment rates in twelve cities. He observed a positive relationship between the two: high hourly wages were paid in high unemployment rate cities, low hourly wages were paid in low unemployment rate cities. Moreover, this relationship, he argued, was a characteristic of equilibrium of the aggregate economy. The empirical results obtained by Hall were based on twelve observations for the year 1966. Since his model was designed to study the characteristics of equilibrium, the question may justifiably be raised as to whether the year 1966 represented an equilibrium state of the economy; might it not be possible that what Hall observed was a characteristic of disequilibrium instead of equilibrium? This is a particularly important issue, for Tobin (1972, p. 10) has tended to regard the aggregate economy to be in a state of perpetual disequilibrium. Furthermore, as Robert A. Gordon has pointed out, since Hall's results were obtained on the basis of only twelve observations, could not his results be reversed if some of the cities were excluded from his study?' Hall's conclusions were based on the results of the least squares regression of the wage rate on the unemployment rate, an appropriate procedure if the direction of causality runs from the latter to the former. Yet his theoretical analysis (correctly) implied that the two variables were jointly determined, an issue to which we will return in section II. But if the unemployment and wage rates are jointly determined then orthogonal regression should be used in order to determine, the quantitative relationship between them. The aim of this work is to re-examine and extend Hall's empirical results so as to determine the extent to which they are affected by his estimation technique, his selection of the cities and the year 1966. Although the necessary data for a direct, straightforward extension of Hall's work are not available, data do exist that permit us to look into these issues.

Journal Article An Econometric Model of Labour Turnover in U.K. Manufacturing Industries 1956–73 Get access M. R. Wickens M. R. Wickens University of Essex Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 45, Issue 3, October 1978, Pages 469–477, https://doi.org/10.2307/2297249 Published: 01 October 1978 Article history Received: 01 December 1975 Accepted: 01 June 1977 Published: 01 October 1978

The continuation of low rates of fertility and reductions in mortality rates of the elderly have revived the interest of economists in the examination of the economic impacts of aging populations. These concerns combined with the analysis of the income status of the elderly and their activities from the broad framework of the economics of aging. The rapid growth of support programs for the aged also has been the focus of considerable economic analysis. This review highlights the most important areas of research in the literature on aging. The first section discusses the determinants of population age structure changes and their impact on the size and composition of the dependent groups. The following section provides a review of the economic status of the elderly and the sources of income in old age. Section III incorporates the economic characteristics of the elderly into a life-cycle context while Section IV examines the empirical evidence concerning labor supply decisions of the aged. Social Security and private pensions and their influence on the economy are analyzed in Section V. The final section of this article reviews evidence on the interaction between aging and macroeconomic variables. (excerpt)